Local government pension scheme advice

[noodle71]

I’ve been offered a job moving from the private sector to the public sector and I would be able to access the LGPS. The pay isn’t more but the pension scheme sounds amazing and as I’m late 40s I’m paying this stuff a bit more attention. They pay in 20%, I pay around 7%. At the moment my work pays in 5% and I pay in 10%. On the face of it it sounds much better but is there something i’m not seeing / understanding. Am I right to see this as part of a package that is overall much better for me? All advice gratefully received.

Public sector pension is very much a strong part of the overall remuneration package. Pay may not be as attractive as industry but the pension scheme is worth a lot.

Agree - public sector pensions are among the best you can get. www.lgpsmember.org will tell you about the benefits on offer.

Join join join join join

Yes you should join. Very very good pension.

You can also pay additional voluntary contributions (AVC) & also pay additional pension contributions (APC) to gain more from the LGPS if you can afford / want to pay in more.

Please bear in mind you will need to be in the scheme for 2 years, if you leave before then (or don't move to another LGPS pension role employer) you might not be able to accrue.
It is very good!

LGPS is a defined benefit scheme so there is no point comparing employers' contributions.

For every year you pay in, you will receive one 49th of that year's salary (adjusted for inflation) each year after you retire.

It's definitely a good thing to do.